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Equity Lifestyle
(NYSE:ELS)
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Rating:70Outperform
Price Target:
$68.00
â–²(5.18% Upside)
Action:Upgraded
Date:10/21/26
The score is primarily supported by solid operating performance (steady revenue growth, strong net margins) and generally healthy cash generation, moderated by meaningful leverage. The latest earnings call adds confidence via maintained FFO guidance and strong core NOI/MH trends, while technicals are constructive but mixed versus longer-term averages. Valuation is a headwind due to a high P/E, partially offset by a moderate dividend yield.
Positive Factors
Steady growth and margins
ELS combines multi-year revenue expansion with consistently strong profitability, reaching $1.59 billion in trailing revenue and about a 25% net margin. That earnings base supports reinvestment, debt service, and shareholder distributions while demonstrating durable operating economics.
Negative Factors
Meaningful leverage
Although leverage has improved from 2023, debt remains high relative to equity at roughly 1.9 times. This can reduce financial flexibility, increase sensitivity to financing costs, and constrain acquisitions or investment if operating conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady growth and margins
ELS combines multi-year revenue expansion with consistently strong profitability, reaching $1.59 billion in trailing revenue and about a 25% net margin. That earnings base supports reinvestment, debt service, and shareholder distributions while demonstrating durable operating economics.
Read all positive factors
Equity Lifestyle (ELS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.19B
Dividend Yield3.52%
Average Volume (3M)2.08M
Price to Earnings (P/E)31.2
Beta (1Y)0.05
Revenue Growth2.75%
EPS Growth1.18%
CountryUS
Employees3,700
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)2.00
Shares Outstanding194,064,620
10 Day Avg. Volume2,407,029
30 Day Avg. Volume2,080,044
Financial Highlights & Ratios
PEG Ratio-20.52
Price to Book (P/B)6.90
Price to Sales (P/S)7.92
P/FCF Ratio36.30
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue9.47
Enterprise Value/Gross Profit21.85
Enterprise Value/Ebitda23.74
Forecast
1Y Price Target
$68.00Price Target Upside5.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)2.07
Revenue Forecast (FY)$1.58B
Equity Lifestyle Business Overview & Revenue Model
Company Description
Based in Chicago, Equity LifeStyle Properties, Inc. operates as a self-managed Real Estate Investment Trust (REIT). As of January 25, 2021, its extensive portfolio includes 423 quality properties located across 33 U.S. states and British Columbia,...
How the Company Makes Money
ELS primarily makes money by generating recurring real-estate and hospitality-related revenues from its portfolio of land-lease communities and destination properties. Its key revenue streams include: (1) Site rent/ground lease income from manufac...
Equity Lifestyle Earnings Call Summary
Earnings Call Date:Oct 20, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 01, 2027
Earnings Call Sentiment Positive
The call was broadly positive. ELS delivered normalized FFO in line with expectations, reported strong core NOI and manufactured housing performance, improved occupancy, increased membership contribution, maintained full-year guidance, and highlighted solid balance sheet flexibility and ongoing growth investments. These strengths were partly offset by declines in seasonal and transient RV revenue, weaker reservation pacing for the fourth quarter, moderation in preliminary 2027 RV rate growth, and higher-than-expected third-quarter utility expenses.Positive Updates
Normalized FFO Growth Met Expectations
Third quarter normalized FFO grew 4.6%, and normalized FFO was $0.79 per share, in line with guidance.
Negative Updates
Seasonal and Transient Rent Declines
Seasonal rent decreased 4.4% and transient rent decreased 5.8% in the third quarter, although both were slightly better than guidance expectations.
Read all updates
Q3-2026 Updates
Positive
Negative
Normalized FFO Growth Met Expectations
Third quarter normalized FFO grew 4.6%, and normalized FFO was $0.79 per share, in line with guidance.
Read all positive updates
Company Guidance
For full year 2026, ELS is maintaining normalized FFO guidance of $3.18 per share at the midpoint of its range of $3.15-$3.21 per share, with fourth quarter normalized FFO per share of $0.78-$0.84; core portfolio property operating income growth is projected at 6% at the midpoint, non-core properties are expected to generate between $8.3 million and $12.3 million of NOI, and property management and G&A expense guidance is $118.9 million-$124.9 million. Full year core growth rate ranges are 4%-4.6% for core revenues, 1.6%-2.2% for core expenses, and 5.7%-6.3% for core NOI; core MH rent growth is expected in the range of 5.4%-6%, combined RV and Marina rent growth is 90 basis points to 1.5%, and RV and Marina annual rental growth is 5% at the midpoint. Fourth quarter guidance includes core property operating income growth of 5.7%-6.3%, MH rent growth of 5.7% at the midpoint, RV and Marina rent growth of approximately 2.8% at the midpoint, and core property operating expense growth of 1.8% at the midpoint; guidance assumes no impact from a material storm event. For 2027, the current preliminary assumptions are MH rent growth of 5.1% and RV annual rent growth of 4.7%; the 2027 rent growth assumption does not include incremental sites or mark-to-market impact, RV annual guidance does not include occupancy growth in 2027, and the annual RV figure is only RV and does not include marina.Equity Lifestyle Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.59B | 1.53B | 1.43B | 1.40B | 1.37B | 1.32B |
| Gross Profit | 687.44M | 576.30M | 708.01M | 672.53M | 644.56M | 262.05M |
| EBITDA | 632.67M | 612.53M | 731.57M | 660.63M | 622.44M | 575.40M |
| Net Income | 401.83M | 386.51M | 367.01M | 314.21M | 284.63M | 262.48M |
Balance Sheet | ||||||
| Total Assets | 5.80B | 5.75B | 5.65B | 5.61B | 5.49B | 5.31B |
| Cash, Cash Equivalents and Short-Term Investments | 35.63M | 26.13M | 5.58M | 4.24M | 2.65M | 94.10M |
| Total Debt | 3.31B | 3.37B | 3.20B | 3.52B | 3.39B | 3.27B |
| Total Liabilities | 3.98B | 3.93B | 3.82B | 4.12B | 3.98B | 3.82B |
| Stockholders Equity | 1.76B | 1.76B | 1.74B | 1.43B | 1.45B | 1.42B |
Cash Flow | ||||||
| Free Cash Flow | 346.75M | 334.06M | 355.44M | 230.92M | 226.54M | 304.76M |
| Operating Cash Flow | 588.64M | 571.15M | 596.72M | 548.00M | 475.81M | 509.03M |
| Investing Cash Flow | -229.18M | -277.08M | -217.84M | -324.75M | -402.07M | -828.43M |
| Financing Cash Flow | -356.84M | -292.51M | -384.24M | -215.66M | -174.80M | 418.74M |
Equity Lifestyle Technical Analysis
Positive
64.65
Price Trends
60.98
Negative
62.29
Negative
62.58
Negative
Market Momentum
0.12
Negative
53.71
Neutral
46.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELS, the sentiment is Positive. The current price of 64.65 is above the 20-day moving average (MA) of 59.40, above the 50-day MA of 60.98, and above the 200-day MA of 62.58, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 53.71 is Neutral, neither overbought nor oversold. The STOCH value of 46.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ELS.
Equity Lifestyle Risk Analysis
Equity Lifestyle disclosed 53 risk factors in its most recent earnings report. Equity Lifestyle reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Equity Lifestyle Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $12.19B | 31.20 | 22.27% | 3.52% | 2.75% | 1.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $13.79B | 33.77 | 7.80% | 4.15% | 0.72% | 111.53% | |
64 Neutral | $11.49B | 25.33 | 6.85% | 4.04% | 4.15% | 13.70% | |
61 Neutral | $16.27B | 25.27 | 7.08% | 4.36% | 5.25% | 24.70% | |
58 Neutral | $14.25B | 35.02 | 7.16% | 5.11% | 0.85% | -29.53% | |
58 Neutral | $14.65B | -17.00 | -13.07% | 3.66% | -21.07% | -169.14% |
* Real Estate Sector Average
ELS
Equity Lifestyle
60.84
1.05
1.76%
MAA
MAA
119.78
-6.96
-5.49%
SUI
Sun Communities
120.24
0.24
0.20%
CPT
Camden Property
102.00
2.01
2.01%
AMH
American Homes
31.92
-0.13
-0.41%
INVH
Invitation Homes
27.54
-0.08
-0.30%
Equity Lifestyle Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Equity Lifestyle Reaffirms 2026 Guidance and Dividend Growth
Positive
Sep 10, 2026
On September 10, 2026, Equity LifeStyle Properties made an investor presentation available outlining its operating performance, guidance and capital structure. The presentation highlights a history of strong normalized FFO and dividend growth sinc...
Dividends
Equity LifeStyle Declares Third Quarter 2026 Dividend
Positive
Jul 28, 2026
Equity LifeStyle Properties, Inc., a U.S. real estate investment trust specializing in lifestyle-oriented manufactured home communities and RV resorts, continues to provide recurring income to shareholders through regular dividends. Its portfolio-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.